There has been much speculation, but little certainty, as to whether the government intended to extend the provisions of the Corporate Insolvency and Governance Act 2020 (the 2020 Act).
Today (24th September) the Government has laid before parliament regulations designed to extend the protection offered to struggling businesses by the 2020 Act, beyond the original 30 September deadline.
Part 1: Introduction to orphan SPV repackaging transactions for Hong Kong SAR and Mainland China clients
This article was written by Richard Mazzochi, Minny Siu, Angus Sip and Ryan Iskandar
Good afternoon.
Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the weeks of September 7 to 11 and September 14 to 18, 2020.
The past two weeks saw ten substantive decisions released by the Court of Appeal. Topics covered included bankruptcy & insolvency, contracts (freight), enforcement of letters of request by foreign courts, family law and insurance, as well as the usual procedural decisions relating to extensions of time and appellate jurisdiction.
Wishing everyone an enjoyable weekend.
This article by Jeremy Richmond QC and Chris Recker of Trowers & Hamlins was first published in International Corporate Rescue by Chase Cambria.
OVERVIEW
Re Redstar Transport Pty Ltd (in liq) [2020] VSC 547
The joy of a summertime splash in the pool seems like a distant memory, at least for those of us in lockdown here in Melbourne.
Similarly elusive can be the granting of a pooling order under section 579E of the Corporations Act 2001 (Cth) for a corporate group in liquidation.
Esta é a primeira edição do “Brasília em Pauta”, um boletim preparado pela equipe de Contencioso de Brasília, contendo os principais casos a serem julgados pelo Supremo Tribunal Federal (STF), Superior Tribunal de Justiça (STJ) e Tribunal de Contas da União (TCU), bem como importantes questões a serem votadas pela Câmara dos Deputados e Senado Federal.
Background
The Finance Act 2020 received Royal Assent on 22 July 2020 and will restore HMRC as a preferential creditor on insolvency (Crown Preference) with effect from 1 December 2020.
There had been speculation that the Government would shelve or at least postpone the reintroduction of Crown Preference in the wake of Covid-19. In fact, even before the pandemic, the proposals had been widely criticised by the restructuring and insolvency industry as harmful to the UK’s corporate rescue culture.
Everlyte Ltd and Registrar of Personal Property Securities [2020] AATA 2584 (30 July 2020) K Parker, Member
PERSONAL PROPERTY SECURITIES REGISTER (PPSR) – Applicant registered security interest in collateral (helicopter) – helicopter stolen and sold to other party – other party on-sold helicopter to third party and applied to register financing change statement to end applicant’s interest – meaning of “security interest” – decision affirmed
Facts
Centenary Homes Limited (C) was a property development company which acquired two blocks of flats: one in Enfield and the other in Bloomsbury. The Bank of Scotland (BOS) extended secured finance to C for the development of the two properties.
C defaulted on its repayment obligations in 2012 and fixed charge receivers were appointed in March, when the balance outstanding was approximately £4.4 million.
The receivers were able to sell the Enfield flats in July 2012, for £3,250,000.
Restructurings, especially those involving multiple jurisdictions, are invariably complex matters. This CMS Expert Guide provides an overview of the various restructuring possibilities available in a large number of countries, allowing you to compare how the options are deployed in these jurisdictions.
We intend to update it periodically to reflect important changes as they happen.
If you need more information or have any questions, please do not hesitate to contact us.